Residential Market Report for January 2011 in Martin County, Florida
Unlike the very strong December sales of single family homes and town homes in December 2010, January 2011 came in with a whimper. Sales were down to 85 units as opposed to 148 in December. Even prices sent mixed signals as the median price was down and the average price was up. About the only good news was a continued small decrease in inventory. Now down to 1787 units. Just above the low point in May of 2010 and Matching the Dec 2005 level. The brutal winter up north might just bring more buyers for the remainder of this season. Come back in the next few months to see the results.
The Definition of Absorption Rate:
Number of months it takes to sell the current inventory at the present rate of sales. Knowing your area’s Absorption Rate, helps to track trends. Understanding the market and where it is headed is part of our job as real estate professionals. Absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND. It is advised to consistently do the numbers each month, to be able to track a trend.
Data compiled from the Realtor Association of Martin County
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Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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